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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Devon Alpha Fund | 7.2% | - | AIA.NZ, BHP, CEN.NZ, CSL.AX, FBU.NZ, GMG.AX, GNE.NZ, IFT.AX, MCY.NZ, MEL.NZ, MQG.AX, ORA.AX, POT.NZ, RIO, SEK.AX, SFR.AX, SKC.NZ, SPK.NZ | Australia, China, Data centers, dividends, Mining, New Zealand, rates | Mining sector recovered strongly during September with Chinese authorities announcing fiscal and monetary policy measures to support the economy. BHP rallied 15.5%, Rio Tinto gained 15.8%, and Sandfire Resources jumped 25.6% on strong free-cashflow generation expectations and copper price rally. | View | |
| 2024 Q2 | Aug 1, 2024 | Packer & Co | - | - | ERA.AX, RIO | Asset Management, Australia, Corporate Governance, Mining, Shareholder rights, uranium | Jabiluka is described as arguably the world's best uranium deposit with resources worth over $50 billion that could power 1% of the world's energy grid with carbon-free electricity for 30 years. The Northern Territory Government rejected the 10-year renewal of the Jabiluka mineral lease, extinguishing ERA's main asset. The development of Jabiluka is characterized as clearly in the national interest for clean energy needs. | ERA.AX |
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| 2024 Q2 | Jul 30, 2024 | Artemis Global Select Fund | 0.5% | - | 7911.T, 7958.T, AAL.L, CPRI.MI, DG.PA, EICHERMOT.NS, EL, FUJIFILM, GFNORTEO.MX, HDB, ICE, META, MTX.DE, MUFG, NKE, RIO, RVTY, RYAAY, TCOM, TMO, TSM | AI, China, consumer, global, healthcare, India, semiconductors, technology | The fund benefited from strong returns across semiconductor holdings as the generative AI demand boom feeds through to the supporting hardware supply chain. Taiwan Semiconductor Manufacturing Company saw meaningful sales and profit growth as clients attempt to meet surging demand for AI chips. | GFNORTEO.MX RYA.L EL EICHERMOT.NS HDB TSM |
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| 2025 Q2 | Jul 16, 2025 | Harding Loevner International Equity | 9.2% | 14.8% | 002352.SZ, 005930.KS, 0669.HK, 0700.HK, 1299.HK, 2057.HK, 2308.TW, 2318.HK, 2330.TW, 300760.SZ, 4507.T, 4519.T, 4684.T, 6146.T, 6301.T, 6383.T, 6690.HK, 6758.T, 6861.T, 6869.T, 8113.T, ADYEN.AS, AI.PA, ALC, ALFA.ST, ALV.DE, ASML, ASSA-B.ST, ATCO-A.ST, ATD.TO, BAP, BBVA, BHP, CNR, COLOB.CO, D05.SI, DSY.PA, EPI-A.ST, FMX, GFNORTEO.MX, GMAB, HDB, HLN.L, LIN, MELI, MFC, NESN.SW, NTES, NVS, NZYM-B.CO, OR.PA, RIO, ROG.SW, RYA.L, SAF.PA, SAP, SEB-A.ST, SHEL, SOON.SW, SU.PA, SY1.DE, TLKM | aerospace, AI, defense, Europe, Health Care, international | Health care equities have underperformed despite strong fundamentals due to political and regulatory uncertainty in the US and beyond. Policy risks include drug pricing reforms, Medicaid funding cuts, and reduced NIH funding. However, the sector's structural advantages remain intact with continued innovation like GLP-1 therapies. | View | |
| 2024 Q2 | Jun 30, 2025 | Barometer Capital Management | - | - | AGI.TO, AVGO, CNQ.TO, COP, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC | AI, Canada, Consumer Staples, energy, healthcare, materials, technology | The firm continues to benefit from exposure to generative AI proliferation through NVIDIA, Broadcom, and Microsoft. NVIDIA remains the supplier of choice for GPUs used for AI development with explosive growth. Broadcom serves as the trusted partner for companies developing custom chips for AI. Thomson Reuters emerges as an AI darling in Canada, integrating AI into their legal and tax accounting business. | View | |
| 2023 Q2 | Jun 30, 2023 | Devon Alpha Fund | 4.1% | - | AAPL, APM.AX, AUB.AX, BXB.AX, EBO.AX, FBU.NZ, FCG.NZ, FPH.NZ, IFT.NZ, JHX.AX, MSFT, MTS.AX, NVDA, PCT.NZ, PLS.AX, RIO, RYM.AX | Australia, dividends, healthcare, infrastructure, Mining, New Zealand, value | Strong performance from mining companies including Rio Tinto (+7.2%), Pilbara Minerals (+10.9%), and Brambles benefiting from improved cost pressures with significant falls in lumber prices. Mining sector performance was a key driver across multiple funds. | View | |
| 2024 Q1 | Jun 15, 2024 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | 7203.T, BHP.AX, CCJ, COP, CVX, DVN, EOG, FCX, Gold, HAL, MRO, NEM, OXY, PXD, RELIANCE.NS, RIO, RRC, SHOP.TO, SLB, XOM | Agriculture, AI, Copper, Energy Transition, gold, Natural Gas, oil, uranium | North American natural gas market has reached a turning point with production likely peaking in December 2023 while demand is set to surge from LNG exports and AI data centers. The firm expects a structural deficit to emerge as shale production falters just as new LNG capacity comes online and data center proliferation drives unprecedented electricity demand. | View | |
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford – International Alpha | -5.1% | -5.1% | 005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE | AI, banks, Copper, energy, growth, international, semiconductors, volatility | View | ||
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2026 Q1 | Apr 13, 2026 | ClearBridge Investments International Growth ADR Strategy | - | - | 4063.T, 4307.T, 5802.T, 6920.T, 7532.T, ASM, ASML, CHKP, EADSY, ENGI.PA, IX, MELI, REL.L, RIO, SAP, SHOP, SPOT, WDS.AX | AI, defense, energy, Geopolitical, growth, international, Japan, semiconductors | View | ||
| 2023 Q1 | Apr 12, 2023 | Pelican Bay Capital Management | 2.2% | 2.2% | BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, FIS, GOOG, PSX, RIO, TOL | Banking, energy, healthcare, Homebuilders, technology, value, volatility | Manager emphasizes constructing a portfolio favoring high-quality companies with attractive valuations and dividend yields. The Concentrated Value portfolio trades at 12.0x forward P/E versus 15.4x for Russell 1000 Value Index, with superior margins and returns on capital. | View | |
| 2024 Q4 | Mar 7, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, COPX, FCG, GDX, GOOGL, META, MSFT, NVDA, OKLO, QQQ, RIO, SIL, XBM.TO, XLE, XOP | Agriculture, commodities, energy, gold, monetary policy, natural resources, nuclear | Commodities are as undervalued relative to stocks as they have ever been, marking the fourth episode of extreme undervaluation in 125 years. The authors believe the time to buy natural resource equities has arrived as the long-dormant bull market may be stirring again. History shows every commodity bear cycle has ended with a monetary regime shock. | View | |
| 2025 Q1 | Mar 31, 2025 | Cullen Enhanced Equity Income Fund | 5.8% | 5.8% | AAPL, AMZN, BCE, BMY, CVX, DOC, DOW, GOOGL, KDP, META, MO, PM, PNC, RIO, TFC, TRV, TSLA, UPS, VICI, VZ | AI, dividends, growth, income, tariffs, value, volatility | The strategy is positioned for a potential secular shift from Growth to Value stocks, with Value trading at a 94% discount to Growth versus the historical average of 57%. Value defensive sectors like Healthcare and Consumer Staples are trading at historically low valuations, presenting compelling opportunities. | PNC KDP |
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| 2025 Q3 | Dec 4, 2025 | Global High Dividend ADR | 5.0% | 23.1% | BTI, C, DG.PA, ET, IBE.MC, JCI, JNJ, JPM, MO, MS, NVS, RIO, SIE.DE, UCG.MI | AI, dividends, Europe, financials, growth, international, technology, value | The strategy focuses on high-quality dividend-paying companies with strong balance sheets. 91% of portfolio companies increased dividends by an average of 10.9% year over year, with portfolio dividend income growing 9.2%. The managers remain committed to investing in companies with operational resilience to deliver progressive dividend growth over the long term. | DG FP |
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| 2025 Q3 | Nov 8, 2025 | Cullen Enhanced Equity Income Fund | 0.9% | 5.4% | AMZN, BAX, BDX, CAG, GOOGL, META, MSFT, NVDA, ORCL, RIO, SW | AI, dividends, Fed, growth, tariffs, technology, value | Euphoria around AI investments has propelled markets higher, with the rebound in the Magnificent 7 pushing valuations to record highs. The trillions of dollars being invested into agentic AI will eventually need to be monetized. Capital expenditures among the top five hyperscalers have surged as these companies race to establish leadership in generative AI. | SPGI |
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| 2023 Q3 | Nov 29, 2023 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | BHP, CCO, CVX, GDX, HES, IVN, IVNEF, KAP, OIH, PXD, QQQ, RIO, RRC, SIL, URA, XLE, XOM, XOP | commodities, demand, energy, natural resources, nuclear, Renewables, Shale, Supply Deficit | Managers argue renewable energy investments represent history's worst malinvestment due to poor energy return on investment (EROI). Wind and solar have terrible EROIs compared to fossil fuels, requiring massive raw materials and energy inputs. Recent project cancellations and cost increases validate their contrarian view that renewables cannot replace conventional energy. | View | |
| 2025 Q4 | Jan 29, 2026 | abrdn Emerging Markets Fund | 4.6% | 32.0% | 000660.KS, 005930.KS, 028260.KS, 0700.HK, 267270.KS, ADIB.AD, ALDAR.AD, ASX.TW, BABA, BBNI.JK, GMEXICOB.MX, KAP.L, MULT3.SA, RIO, TLKM.JK, TSM | AI, China, Copper, emerging markets, Memory, semiconductors, technology, Trade Policy | AI-driven tech rally continued in Taiwan, lifting local tech stocks at the epicenter of US AI infrastructure buildout. Memory chip producers benefited from confirmed chip shortages and price increases for DRAM and HBM chips. AI delivery has become a critical component of the US economy, with Beijing expected to build a rival AI ecosystem. Technology stocks rallied driven by semiconductors, specifically memory stocks, as confirmed chip shortages resulted in noticeable price increases for DRAM and HBM chips. This proved particularly beneficial for South Korean heavyweights and leading memory chip producers like SK Hynix and Samsung Electronics. China and Hong Kong were detractors as markets sold off amid softer growth and underwhelming government response. Despite deflation concerns, southbound flows have accelerated in 2025, suggesting greater risk appetite among Chinese investors that could drive a wealth effect supporting consumption. Trump's tariffs suggest goals of shifting manufacturing and raising revenue for tax cuts are prime. Market consensus sees a move towards breakdown in China-US trade, though pace and extent of decoupling remain uncertain. Trump has extended tariff pressure to India and Brazil, but agreements to reduce tariffs are expected. Copper miner Grupo Mexico rallied on rising copper demand driven by electrification and data center growth. The miner, with access to low-cost reserves, remains a long-term beneficiary. Copper and other minerals have gained from AI infrastructure development and energy transition. | View | |
| 2025 Q4 | Jan 16, 2026 | Massif Capital | 9.6% | 50.0% | 1211.HK, BHP, ENVX, EQNR, EQX.TO, GLEN.L, GLO.TO, GMIN.V, Gold, HBR.L, KGHM, LITM, LRV.AX, LUN.TO, LYB, MGN.V, MMA.V, RIO, VALE, VAR.OL | commodities, Copper, energy, geopolitics, gold, inflation, Mining, real assets | Portfolio exposure narrowed from 16% to 10% in single position (Equinox Gold). Manager believes gold serves as monetary hedge amid central bank independence concerns and persistent inverse relationship with dollar. Central bank accumulation from emerging markets expected to continue. Largest theme at 29% allocation across core positions. Structurally tight physical market with mine supply disruptions exceeding 6% of global output. Treatment charges collapsed to negative levels signaling constrained concentrate availability. Policy-driven stockpiling creates upside convexity. 16% portfolio allocation expecting price volatility as base case. Market characterized by visible surplus yet episodic geopolitical premiums. Focus on companies with proven economics at mid-cycle prices and flexible capital programs rather than directional oil price bets. Manager challenges assumptions about demand destruction and rapid substitution in energy. Views transition as energy addition rather than replacement, raising near-term energy intensity. Supply governed by decline rates rather than responsiveness. Policy creating regional cost asymmetries and oligopolies in heavy industry. Geopolitics now shapes supply chains, governs capital access, and determines project feasibility. Political alignment increasingly influences risk premia and monetization. Persistent inflation driven by labor constraints, energy dynamics, and geopolitical fragmentation challenges embedded assumptions from post-2009 regime. Higher real-rate environment appears durable rather than transitory, altering risk-return arithmetic. | GLO CN LAR LUN CN MMA CN EQNR NO HBR LN VAR NO GMIN CN EQX CN |
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| 2025 Q4 | Jan 16, 2026 | Richie Capital Group | - | - | AAPL, AMZN, AZN, BABA, BHP, FMG, GOOGL, HD, IBE, LLY, META, MSFT, NFLX, NTDOY, NVDA, RHM, RIO, ROG, SK, SPOT, TCEHY, TM, TSM, XIAOF, XRO | AI, Data centers, emerging markets, geopolitics, rates, technology | The AI revolution is accelerating with technology companies pouring billions into data center construction. Investment in AI is surging but concerns exist that the relentless pace could trigger a sharp market correction. Growth is expected to be underpinned by ongoing AI integration across industries in 2026. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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| 2024 Q2 | Jul 18, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 700.HK, ALV.DE, ASML, BAP, BBVA, BHP.AX, D05.SI, GFNORTEO.MX, HDFC.NS, ICICIBANK.NS, IFX.DE, LIN, NESN.SW, NVDA, NVO, OR.PA, RIO, SAP.DE, SHEL, TSM | AI, Banking, emerging markets, international, M&A, Political Risk, semiconductors, technology | AI beneficiaries like semiconductors and semiconductor equipment surged by double digits, with TSMC continuing to soar on sustained demand for AI-related chips for NVIDIA and others. Returns within IT were bifurcated as direct AI beneficiaries outperformed while software & services fell. | View | |
| 2023 Q2 | Jun 30, 2023 | Barometer Capital Management | - | - | AGI.TO, AVGO, CNQ.TO, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC | AI, Canada, Consumer Staples, energy, healthcare, materials, Tactical, technology | NVIDIA and Broadcom continued to deliver excellent performance as investors demonstrated voracious appetite for any stocks with generative AI exposure. NVIDIA's explosive growth demonstrated both the strength of demand for generative AI hardware and a more robust supply picture. Thomson Reuters has emerged as an AI darling in Canada as the company continues to seek ways to integrate AI product offerings to help their clients drive efficiencies. | View | |
| 2024 Q4 | Feb 26, 2025 | Fawkes Capital Management | 2.2% | 11.2% | AGX, BE, BSL.AX, CENX, CLS, DUOT, GEV, GOOGL, INOD, LPTH, LRV.AX, MND.TO, MSFT, NVDA, OCC, OSIS, RIO, SKYX, SOLI, VRT, WDC | AI, Border Security, Data centers, energy, infrastructure, Mining, semiconductors, tariffs | AI infrastructure demand continues to surge despite DeepSeek disruption. The rise of AI Agents for autonomous task execution represents a pivotal shift in automation, with NVIDIA emphasizing that achieving AI consistency at scale requires extensive training. Big Tech's strategy for AGI involves expanding from probabilistic text generation to capturing human reasoning patterns. | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 1810.HK, 4507.T, 4519.T, 6301.T, 6383.T, 8306.T, ADYEY, ALFVY, ATD, ATLKY, BAC, BBVA, BHP, D05.SI, DASTY, ENNEF, FMX, IFX.DE, KRYAY, LOGI, MFC, NZYMF, OR.PA, PNGAY, RIO, SAP, SBGSY, SYSMF, TSM | emerging markets, Europe, financials, growth, industrials, international, Quality, technology | The manager emphasizes their focus on high-quality companies that provide stability against market turbulence. They seek quality combined with high growth, noting that quality companies often generate higher risk-adjusted returns due to more predictable profitability and earnings growth. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 17, 2026 | Seeking Alpha | Seeking Alpha | Rio Tinto Group | Mining | Diversified Metals & Mining | Bull | New York Stock Exchange | Amazon partnership, clean copper, Commodities, dividend yield, earnings growth, Iron ore, M&A, Mining, Rio Tinto, valuation | View Pitch |
| Nov 5, 2025 | Seeking Alpha | Seeking Alpha | Rio Tinto Group | Other Industrial Metals & Mining | Neutral | capital expenditures, commodity prices, dividend yield, expansion projects, Iron ore, Lithium, macroeconomic uncertainty, Mining, Rio Tinto, Volatility | View Pitch | ||
| Aug 8, 2025 | Seeking Alpha | Christine Short | Rio Tinto Group | Materials | Other Industrial Metals & Mining | Neutral | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $240,090 | 0.00% | 3,000 | -1,000 | -25.00% | 0.0001% |
| Tim Campbell | Baillie Gifford | $120.3B | $41,936 | 0.00% | 524 | +177 | +51.01% | 0.0000% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $13.8M | 0.03% | 172,801 | -74,000 | -59.49% | 0.0070% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $520,195 | 0.00% | 6,500 | +6,500 | +100.00% | 0.0003% |
| Ray Dalio | Bridgewater Associates | $27.4B | $757,244 | 0.00% | 9,462 | +5,389 | +132.31% | 0.0004% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $288,108 | 0.00% | 3,600 | -500 | -6.33% | 0.0001% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.9M | 0.00% | 98,500 | -64,400 | -39.53% | 0.0040% |
| Stephen Selver | Bramshill Investments | $1.8B | $867,605 | 0.05% | 10,841 | -2,200 | -16.87% | 0.0004% |
| Jeremy Grantham | GMO LLC | $39.1B | $125.5M | 0.32% | 1,568,244 | +441,799 | +39.22% | 0.0638% |
| Murray Stahl | Horizon Kinetics | $7.4B | $1.3M | 0.02% | 16,316 | -9,350 | -36.43% | 0.0007% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $444,407 | 0.00% | 5,553 | +5,553 | +100.00% | 0.0002% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.3M | 0.00% | 53,952 | +22,185 | +69.84% | 0.0022% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $1.1M | 0.00% | 13,167 | +4,828 | +57.90% | 0.0005% |